'Shintongsang Round Table' First Meeting... "Active Response to Carbon Tax, etc."

Formation of Industry-Academia-Research Consortium Led by the Ministry of Trade, Industry and Energy

[Sejong=Asia Economy Reporter Kwon Haeyoung] The government has formed a consultative body involving industry, academia, and research institutes to actively respond to new trade agendas such as environment, labor, and digital issues.

On the 8th, the Ministry of Trade, Industry and Energy held the first meeting of the 'New Trade Round Table' at the Korea International Trade Association in Gangnam-gu, Seoul. The New Trade Round Table is a forum to discuss response measures for future trade agendas, where trade norm discussions are still in the early stages, and it is scheduled to be held 5 to 6 times this year.

The meeting, held under the theme of 'Recent Trends in Major Countries' New Trade Issues and Our Response Strategies,' was attended by representatives from the Ministry of Trade, Industry and Energy, the Korea International Trade Association, KOTRA, the Korea Chamber of Commerce and Industry, the Institute of Foreign Affairs and National Security, and the Asan Institute for Policy Studies.

Je Hyeonjeong, Director of the Trade Support Center at the Korea International Trade Association, presented on the trade agenda of the Biden administration announced on the 1st of last month, including the U.S. policy of protecting domestic industries and environmental protection measures such as carbon taxes to address climate change. Park Hanjin, Director of the KOTRA Academy, introduced this year's economic trends in China centered on the Two Sessions and the 14th Five-Year Plan, along with newly proposed trade-related policies such as technology and food security, carbon neutrality, and the dual circulation strategy. Cho Donghoe, Head of the Europe Team at the Korea Institute for International Economic Policy, explained the European Union's carbon border adjustment mechanism, digital transformation, and positions on World Trade Organization (WTO) reform.

Kim Jeongil, Director of the New Trade Order Strategy Office at the Ministry of Trade, Industry and Energy, said, "The global trade environment is rapidly changing, requiring a different understanding and approach than in the past," adding, "The government, private experts, and industry will communicate to jointly develop response strategies for emerging trade issues."